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Britain's new finance minister unveils first budget



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LONDON, Oct 30 (Reuters) -British finance minister Rachel Reeves on Wednesday said she would raise taxes by 40 billion pounds a year ($52 billion) in her first budget, as she accused the previously ruling Conservative Party of leaving public services broken.

Reeves also forecast Britain's budget deficit would come to 26.2 billion pounds in the 2025/26 financial year, citing new projections from the Office for Budget Responsibility.

Britain's 10-year gilt yield, which had fallen ahead of the budget, hit a session low at around 4.21% and was last down around 10 bps on the day GB10YT=RR. Gilt yields have risen around 25 bps so far this month, partly on unease ahead of the budget.

Sterling trimmed its losses slightly and was last trading at $1.2968 versus $1.2951 GBP=D3 just before Reeves started speaking. Against the euro, the pound was down 0.4% at 83.48 pence, versus 83.47 pence earlier EURGBP=D3.

London's blue-chip FTSE 100 stock index was down 0.4% on the day, while the domestically-focused FTSE mid-250 index .FTMC jumped over 1%. It was flat when Reeves started speaking.

COMMENTS:

KATHLEEN BROOKS, RESEARCH DIRECTOR, XTB, LONDON:

"Overall, this budget is not as bad as expected on the tax front. The capital gains tax increase is lower than expected, which suggests that Reeves’ bite is not as bad as feared."

"However, the unexceptional growth forecasts from the OBR, may be higher than the BOE’s rate, but it does not suggest that the UK’s economy will expanding at a rate anything like the level that the US is expanding, in the coming years."

"At this stage, massive tax rises have not spooked financial markets, and instead expectations that the budget deficit will shrink is having a mollifying effect on UK bonds."


LOU BRIEN, MARKET STRATEGIST, DRW TRADING, CHICAGO:

"The key to the Chancellor’s UK budget presentation is the reaction of the gilts. A significant decline in 10-year yield demonstrates that the budget passes the 'Truss test”, indicating the market, at the very least, sees the plan as reasonable."

"There can be discussions about the details, but the record tax rise of 40 billion pounds is probably a good sign that Labour’s return to power will not be marked by an irresponsible accounting of cost and revenues. Not yet anyway."




Reporting by the Reuters Markets Team; Compiled by Dhara Ranasinghe; Editing by Amanda Cooper

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